Trades On : IQE PTAL 888 SQZ
recent trades posted on RPG
PTAL 40.5p here
IQE entry 29.4 - here closed final tranche on rejection of O/H resistance line at 35.75 @14:46 (+22%)
888 added at 204p to existing 192p here
PTAL Approaches 50p Fib Projection : Take Partial Profits at 48.5p
scale out some of the position from 40.5p entry as now around +20% on trade: will allow remainder to run further as no overhead resistance though price is very stretched relative to VWAP at 39.5: closed at 48.5p
Opening Price Reactions and AM Liquidity 08:15 Trade on SQZ
SQZ
08:10 Trade on with Serica as it bounces from a 618 Fib retracement of the Nov breakout to April high : supported by retaking the 200MA and the pop in oil prices initial position from 261.4p with an intermediate target of 300p stop around recent low of 240p and 2:1 R:r
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BME
- the Shorters have it : despite some support around the previous low at 420p and a failed attempt at a gap fill, BME has moved south and targets 400-380p region with previous support from Oct 20: this is confluent with a 50% retracement from the pandemic low to the Dec 22 highs. This might prove a significant support level.
No trade on
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Pre Market Analysis 06:30 and Short Squeeze Opportunities
Return from hols for US today sees FTSE futures unch overnight at 7602 as pop in oil overnight is likely to lift oilers and BP/SHEL today. Copper moved north overnight (chart) as China starts to reopen: gold as highlighted yesterday remains muted around 1852 (chart). Short week and thin volumes may impact overall direction though today is the last day of the month. Some very dramatic pops in shorted shares yesterday with the likes of CINE +18% on the day : Will be watching a few other highly shorted shares (see Table) today for similar opportunities to jump on board explosive moves VSTOXX has dropped to 23.7 while the DXY has eased slightly at 101.4 which should be supportive equities.
- - Brent crude on further EU sanctions to Russian imports : should lift oilers and drag on airline (chart)
- - VSTOXX 23.9 (VIX from Friday as US holidays) - see dashboard
- - DXY- dollar index - drops to 101 and looks likely to may check 100 level: this is bullish stocks
- - Copper clears 21EMA on China reopening chart
- - Gold rangebound at 1852 below 21EMA awaiting directional move- chart
Charts - click to open to full size
Gold Chart
DXY Chart
Copper Futures Chart
Shorted Shares
RNS Analysis Potential pops
Relatively light day in substantive market updates with BME of note - 4.1% short reporting this am Results probably not worse than was expected so a positive reaction may be due: the SP is off recent lows and has re-grabbed VWAP with some resistance around the 21EMA at 460p. A positive break above the 21EMA (blue in chart) should see the 500p in the immediate term: a miss may see the lows around 420 revisited .one to watch on the open for reaction on the open.
